Can a reverse mortgage help when getting a divorce in Colorado?
A reverse mortgage is a type of loan available to homeowners aged 62 or older that allows them to convert part of the equity in their homes into cash. The loan does not have to be repaid until the borrower sells the home, moves out permanently, or passes away.
If a couple is getting a divorce in Colorado and one or both of them are eligible for a reverse mortgage, they may consider using the loan to help with the costs associated with the divorce. Here are a few ways a reverse mortgage could be utilized when getting a divorce in Colorado:
Buy out the other spouse: If one spouse wants to keep the home after the divorce, they may be able to use a reverse mortgage to buy out the other spouse's share of the equity. This would allow the remaining spouse to stay in the home and have access to additional funds if needed.
Pay off debts: Divorce can be expensive, and many couples find themselves with significant debt after the process. A reverse mortgage could be used to pay off some of these debts and help both spouses start fresh.
Supplement income: If one or both spouses are retired and on a fixed income, a reverse mortgage could provide additional income to help cover living expenses or unexpected costs.
It's important to note that taking out a reverse mortgage in Colorado is a significant financial decision, and there are risks associated with this type of loan. Before considering a reverse mortgage, it's important to speak with a financial advisor and thoroughly understand the terms and implications of the loan.
Christopher Gibson
C2 Reverse Mortgage Certified Loan Officer
Christopher Gibson | Google Voice: 720-449-6622 | Fax: 303-459-5138 | C@ChrisRayGibson.com | https://www.GibsonHomeLoans.com | https://GibsonReverse.com/ | LO NMLS #: 1910430 | Colorado MLO: 100515656 | C2 Financial Corporation Company NMLS #: 135622 | Apply now: www.GibsonLoanApp.com